​​​DALLAS – North Texas office vacancy rates remained relatively constant in the first quarter as large construction levels begin to taper, reports CBRE in its latest market update. Meanwhile, prelease estimates on recent construction deliveries point toward a slowdown even as demand stays high.

Currently, 28 buildings are under construction totaling almost 6.1 million sf with a prelease rate of 49.1 percent.

​Vacancy increased slightly from last quarter, up 50 basis point to 19.1 percent. Seven buildings totaling 1.5 million sf were delivered this quarter, with only 42.2 percent of that space preleased.

DFW had positive net absorption for the 28th consecutive quarter. Far North Dallas had the highest absorption at 402,040 sf followed by Las Colinas with 254,291 sf.

Positive absorption, low vacancy rates, and rising construction cost continue to increase the average asking rate in the Metroplex. Up 4.64 percent year-over-year, the average asking rate is now $23.95.

CBRE

Dallas-Fort Worth-Arlington

Office

Read more at {Source}

Search NewsTalk Texas

It looks like your browser does not have JavaScript enabled. Please turn on JavaScript and try again.